Introduction
The dictionary defines entrepreneurship as “the activity of setting up a business or businesses, taking on financial risks in the hope of profit” (Oxford Dictionary). This definition, however, only scratches the surface of what entrepreneurship involves. Instead of being just a “business activity”, entrepreneurship actually represents a unique journey.
This stage will take you through the basics of getting started with entrepreneurship and give you an idea of what to expect as you move through your entrepreneurial journey. Everyone’s entrepreneurial journey will vary greatly depending on your past work experience, education, and the sector in which your start-up operates. In addition, your personal characteristics may inform your experience with entrepreneurship. You may find that characteristics such as race, religion, ethnicity, socio-economic status, and gender identity will contribute to your entrepreneurial journey.
This stage will explore some common motivations for pursuing entrepreneurship, and highlight frequent challenges that entrepreneurs face. It will also provide some useful steps to set yourself up for success.
The more business focused aspects of entrepreneurship will come later; this stage is all about getting to the core of entrepreneurship, beyond the basic dictionary definition.
Objectives
By the end of this stage, you will be able to:
- Summarize the characteristics of entrepreneurship
- Assess whether entrepreneurship is a path that’s right for you
- Use the design thinking process to begin planning your venture
Activity
Before starting Stage 1, Pause and consider the following questions:
Pause
- Why are you interested in entrepreneurship?
- What do you anticipate could be challenging for your entrepreneurial journey?
- Who might you work with on your business idea?
Required Reading List
(In order of appearance)
Module 1.1
Krass, Pete, and Pierson Krass. “Drugs, Sex And Entrepreneurship.” Forbes, August 20, 2018.
Cutruzzola, Annemarie. “The Realities of Being a 2SLGBTQ+ Entrepreneur.” Ryerson SVZ, June 29, 2020.
Feld, Brad. “Intrinsic Motivation.” Feld Thoughts, October 11. 2010
Graham, Paul. “How to Make Wealth.” How to Make Wealth, May 2004
Winter, Dayna “The Founder’s Zodiac: What Type of Entrepreneur Are You?” Shopify, February 20, 2020.
Module 1.2
Ellwood, Andy. “The Dream Team: Hipster, Hacker, and Hustler.” Forbes, Forbes Magazine, 28 Aug. 2012